Investors are also looking ahead to the consumer sentiment report due out on Friday.
Gas prices have been falling with oil prices lately, which should take at least some pressure off consumers.
“These lower gas prices should help bolster consumer spending as should the continued improvement in household balance sheets and debt service payments, all of which should essentially prove the Federal Reserve correct in expecting better economic news in the second half of the year than the first,” said David Kelly at JP Morgan Funds in a weekly outlook.
Energy Select Sector SPDR Fund (NYSEArca: XLE)
Tisha Guerrero contributed to this article.